Janus Capital Corp. founder Thomas Bailey will step down as president and chief executive effective July 1 after spending more than 33 years at the helm of what has become the nation’s sixth-largest mutual-fund company.

Bailey will remain as chairman of the board of trustees of the Janus funds. Janus’ management committee will continue running the firm’s day-to-day operations while Helen Young Hayes, the firm’s managing director of investments, and Jim Goff, director of research, will continue overseeing the investment team.

“During the last 33 years, I’ve had the rare opportunity to participate in the growth and success of one of the country’s leading money management firms,” Bailey said. “This is a bittersweet moment for me because Janus has been — and continues to be — an important part of my life.

Bailey, 64, founded Janus in 1969. He opened Janus Fund with roughly 30 investors and approximately US$500,000 in assets and managed it until 1986. A US$10,000 investment in Janus Fund at its inception in 1970 was worth US$149,834 when Bailey stopped managing money in June 1986 to focus on his roles as CEO and president. That same US$10,000 investment in the Janus Fund would be worth US$928,475 as of May 30.